Kooyman Barbados’ hardware megastore is expected to open in early 2020.

As she delivered the feature address, Mottley said the relocation here of Ross University School of Medicine and now Kooyman was an indication ofinvestors’ faith in the country despite economic struggles.

It was a point that was confirmed by Kooyman’s chief executive officer Herbert van der Woude, who said the company saw Barbados as having “a good investment climate”.

Company officials turn the soil with Prime Minister Mia Mottley (second from right) at this evening’s launch.

Said the Prime Minister: “The bottom line is that no one comes to invest the sum of money that is being invested here this afternoon unless they have confidence in the country, confidence in what is happening [and] confidence in the future of the country.

“I am happy therefore to welcome you this evening and say to you at Kooyman, that this for us represents a signal to all Barbadians and to the rest of the world that Barbados is fully open for business, that Barbados may not yet have reached its destination of where we want to after a decade of decline, but we are on that right road and that road means attracting persons both domestically and from outside to invest, because they believe that investment will attract a return.”

Mottley declared that in the space of nine months, her administration had been able to significantly improve the country’s financial position.

Acknowledging that it had not been an easy task, she said Barbados was now on the right track to recovery.

Mottley added: “The restructuring of an economy and the stopping of bleeding is not an easy thing to do, and it doesn’t send the right signals necessarily to those who may say ‘when it finishes I will come’. We have been able in the space of nine months not to do everything that has to be done, but we started a process such that people who are watching on see us passing the right road signs, see us on the right road and recognize that if we continue on this road we shall reach our destination.

“I hope Barbadians come to understand that growth is triggered not by closing inwards, but in fact by opening outwards…and that is why my Government is insistent on creating the space and the opportunities that will allow us to support Barbadian entrepreneurs because the measurement of our economic success cannot only be the GDP, but also the Gross National Income, the extent to which we export capital and from which we can earn from that capital which we export.”

But Mottley also called on domestic investors to show greater interest in business ventures at home.

She said that with limited Government finances, Barbadian investors needed to play a bigger part in fuelling capital projects, saying that there was “excess liquidity” in the economy.

Van der Woude explained that Barbados was a perfect location for the company to expand its brand.

Despite the current economic downturn, he expresssed confidence that the island would rebound.

The Kooyman CEO said: “We think Barbados has a good investment climate in the long term; political stability and steady yearly GDP growth. Secondly, in our four existing markets there are 320 000 inhabitants altogether so Barbados with its 290 000 inhabitants almost doubles our potential market.”

He also praised an independent judicial system, well-educated population, fair trade regulation and high ranking on the Transparency International Anti-Corruption list as other reasons for choosing Barbados.

Kooyman is to sell hardware, building materials, home decoration and paint on approximately 165,000 square-foot store at Kendal.

Construction is set to begin between April and May and is expected to be completed in the first quarter of 2020.

This company “Kooyman” in nine months was able to buy that land, get town planing permission to build a mega store and change the roads in that area. I think that like Ross university, this administration has benefited from the hard work of others. So please also enlighten us and not just take all the credit.

CCC: “Will it just be another “buy and sell” operation like 99% of the Barbados private sector??

Or will some part of it be export driven???”

A very pertinent question from CCC.

I welcome the investment but like CCC am weary of “buy and sell” operations. Will there be a manufacturing\assembling arm for any of the products sold in Barbados and will there be an avenue for exporting some of the products manufactured or assembled in Barbados?

This is a foreign company that used foreign exchange to buy the land, Build the building. Will probably use foreign exchange originally to bring in millions of Inventory to stock the 165,000.sq ft store , employ large number of Construction workers and others when open. Pay taxes, Wages, NIS contributions .A rumour was that the local business complained that this new competition would sell their product a a more reasonable price and costs them business. And Yet we want to complain.

I just hope when she’s laying out the welcome mat for all and sundry, that she let them know that we’ve labour laws and practices which must be followed. No exploitation of workers. No slave labour for pittance.

BLP making it easier for business like Kooyman Holding International to operate in Barbados and at same time making it harder for the small poor black man to live by Taxing them into Poverty, More Taxes and layoffs coming shortly

They will bring in foreign exchange to buy the land and build the buildings along with the Initial stocking. After that like all other businesses on the island they will use our foreign exchange to replenish stock as it sells. So yes they will initially bring in FX and help with our reserves but over the long haul they will draw on our reserves to replenish inventory. So it’s sort of a catch 22 really. On the plus it’s competition and jobs for our people. They will not create new business but take from existing ones as the economy is the same size whether they come or not, so we will wait to see who loses market share to them as we did when Pricemart and Cost U Less came. That is why we need this economy to grow so that all can prosper as opposed to the few dollars circulating doesn’t just move from one business to another with one benefiting at the cost of the other.

Carson i agree with you o. The fact that it’s just another retailer. I too would of preferred to see that land cleared for a manufacturing entity that would export out of Barbados. Unfortunately we can’t compete with China on mass manufacturing and need to therefore look elsewhere. But yes like Pricemart and Cost U Less they are another retailer who will draw on our reserves to buy stock. I guess we will get a few jobs out of it but it may well be at the cost of other hardwares having to lay off.

I am hoping it brings better pricing option for Barbadians who are looking to maintain or upgrade their homes. We are spending less, then we can save more.
We don’t need to grow as much if we continue to reduce expenditures.

CARSON C. CADOGAN
Is this what we are sending school our children to become?? Nothing more than buyers of other peoples export items???
…………………………………………….
During the last couple of weeks we have seen a host of school children and adults across Barbados bedecked in various colourful pieces of African garb. It would be interesting to learn if these garments were manufactured in Barbados or even Caricom or anywhere in Africa. But in all likelihood the label in the back says Made in China/Taiwan/ Romania etc etc.